Accounting and Tax Time Services LLC

06/02/2023

I have 2 free tickets to principal golf Classic. It's going on today through Sunday at wakonda golf course. If you want them or know someone who wants them, please message me.

12/23/2021

The Internal Revenue Service announced Wednesday that it will start sending out information letters to recipients of the advance Child Tax Credit and of the third round of Economic Impact Payments that were made in March.

Taxpayers will be required to reconcile any advanced CTC received and the payments with their 2021 tax returns, which are currently expected to be due April 18, 2022.

Letter 6419 for advanced CTC recipients will include the total amount of credits that the taxpayer received. The credits were sent out monthly starting last June 15, and were calculated based on information from taxpayers’ previous returns, so the taxpayer have received too much – or too little.

If they received too much, they’ll need to repay it; if they received too little, or were due the credit but didn’t receive it at all, they can claim the full amount on their 2021 tax return.

The advanced CTC letters will start going out this month, and continue into January 2022.

In late January, the IRS will start sending out Letter 6475, “Your Third Economic Impact Payment,” to EIP recipients. That third round, which was sent out starting in March of this year, were advanced payments of the 2021 Recovery Rebate Credit. Like the advanced CTC payments, they were based on information from previous returns, and so will need to be reconciled with the taxpayer’s 2021 tax return.

09/10/2021

Pre-tax Deferrals vs. After-tax Contributions:

Unlike pre-tax salary deferrals, which are not taxed when you contribute them to the plan, you have to pay taxes on any contribution you make to a designated Roth account. Any pre-tax salary deferrals and related earnings are taxable when you withdraw them from the plan.

Your gross income for the year in which you make designated Roth contributions will be higher than if you had made only pre-tax salary deferrals.
Roth contributions, however, are not taxed when you withdraw them from the plan. Earnings on Roth contributions are also not taxed when they are withdrawn from the plan if your withdrawal is a qualified distribution. A qualified distribution is a distribution that is made:

At least 5 years after the first contribution to your Roth account; and
After you are age 59 1/2 or on account of you being disabled, or to your beneficiary after your death.

To learn more, check out our newsletter or call our office and make an appointment.
https://accountingandtaxtime.com/newsletter.php

08/11/2021

Child and Dependent Care Credit Increased for 2021 Only

The new tax law affected taxpayers in several ways. First, it increased the dollar amount of the credit and the amount of eligible expenses for child and dependent care. It also modified the phase-out amount for the credit to allow higher earners to take advantage of the credit. Finally, the new law made the child and dependent care credit fully refundable.

For 2021, the top credit percentage of qualifying expenses increased from 35% to 50%. In addition, eligible families can claim qualifying child and dependent care expenses of up to $8,000 for one qualifying individual (up from $3,000 in prior years) or $16,000 for two or more qualifying individuals (up from $6,000 before 2021). This means that the maximum credit in 2021 of 50% for one dependent's qualifying expenses is $4,000, or $8,000 for two or more dependents.

Find out more about this and other topics at the below in our August newsletter.

Take a look at our Newsletter page. Accounting and Tax Time Services LLC is a full service tax, accounting and business consulting firm located in West Des Moines, IA.

01/19/2021

If you have not heard, the IRS is not accepting tax returns until February 12 this year. We are here to start your returns before that date! Once you are ready with everything, please drop it off as described below.

DUE TO COVID-19: We are not having in person appointments this year. Your tax return will be completed 100% via drop off by one of three ways: using our secure portal on our website, www.accountingandtaxtime.com , mailing it to our new office 1000 73rd St Suite 18, West Des Moines, IA 50265, or by dropping it off at the office either during business hours or through our drop slot.

Once your return is dropped off, we will schedule with you either a follow-up phone call or a virtual meeting. This will be a time that we can ask you questions, and you can ask us questions. It also gives you an expectation of when your return will be done. We will use Go To Meeting for the virtual meeting. This appointment will be within 7-10 days after you drop your return off, depending on availability.

Please be sure to like our page for more updates throughout the year!

Take a look at our Home page. Accounting and Tax Time Services LLC is a full service tax, accounting and business consulting firm located in West Des Moines, IA.

01/19/2021

TO ACCESS OUR PORTAL: Go to www.accountingandtaxtime.com and click on "Resources", then "Client Portal".

01/07/2021

2020 is over and 2021 is finally here. Tax season is upon us at Accounting and Tax Time Services and we are excited! The IRS has not officially stated when they are opening, but we anticipate the week of January 25th.

Welcome packets are going out in the mail starting January 8th, so look for them over the weekend.

We are in our new office location. Be sure to check out the directions! We are located West of Walmart on 73rd St, right across the railroad tracks behind Starbucks. It is a big white building, Ste 18 (Lower Level). Access is off of Buffalo road or 73rd ST, near the YMCA entrance.

Due to COVID-19, we will NOT be holding in person appointments this year. We want to be able to do our part for social distancing and keeping everyone safe.

At the time of drop off this year, we will be asking several questions, including scheduling a time for a phone call or virtual meeting. We will be scheduling these 7-10 days after you drop your documents off with us. If you come in to drop off, masks will be required. There is a mail drop slot if you need to come after hours.

11/13/2020

We are really excited to announce, we will be moving to our new location the week of Thanksgiving!!! We will be closed that entire week to be able to do so.

Our new location address is: 1000 73rd ST Suite #18
West Des Moines, 50265